http://www.youtube.com/watch?v=wputRsxArSI&feature=sub
Your take on this?
Sure. But what caused the bubble? The Austrians would answer that lower than market rates of interest caused the bubble by sending the signal that there is more savings than is really available for projects like homes and cars.
Yeah this video bothered me a bit because in the back of my mind I was asking the same question. I was surprised it wasn’t addressed at all, but it was only a 4.5 minute clip.
I do not thik JS would agree with the Austrians. He is a big time believer in regulation and was a big wheel in the World Bank, a non-market, no-profit, user of stolen money that props up corruption and evil around the world. He is for regulation, enought said. He calls Greenspan and his ilk “Capitalists”. The correct term for Greenspan and his ilk like the presidents they control is the term Fascist. Of course that is also the correct term for JS himself.
Joseph Stiglitz’s estimates on the Iraq War were interesting.
While conservatives say that the $700 billion cost of the Iraq War spread over 7 years is much lower than the $800 billion that Obama spent in one year, Stiglitz countered them with his own figures.
He alleged that the costs of the Iraq War were much greater, all the way upto $5 trillion when all things are considered. It was simply a matter of on whom the cost is born and which expenses are recorded that you can show a $700 billion estimate.
I do have a problem though. You have to reject the Iraq War on cost-benefit analysis? Maybe we should do a research on the efficiencies of GULAGS before rejecting them? Or perhaps open up cannibal statistics and see that there is a correlation between how little cannibalism a country has and how much prosperity exists in it? That is the problem with mainstream economists - even if the cost of the Iraq War were $500 billion or $400 billion, you’d be foolish not to say it was downright wrong, immoral, and destructive anyway.
Stiglitz is a jiggly flip-flopper. He says whatever his current employer (or future employer) pays him to.